Bitcoin will replace oil and Gold

[jasonjm]

Governments all around the World Secretly start using together with banks the bitcoins.
Oil is done so They replace bitcoin instead of oil.

The btc volatility might go like daily 50k-100k price Changes.

Bitcoin will be instutionalized permanently.
The Global market prices Liqutation postion will be fluctuated by Bitcoin price.


I said this before but nobody didnt listen but now its here!!

Well, that is just an assumption, there is no possible way for bitcoin to end Gold and oil dominance in near future. Let say Bitcoin will be adopted by masses still it will not be able to replace gold and oil as a trading option because of its limited supply and extreme volatility. 

[Lucas*]

Oil And Gold can't be replaced, but now we talk about the New source of investment, in 2015 the price of bitcoin was 0.5k $ and now after 6 years the price was multiplied 100 time, if i invested 1000 $ in 2015 i Will earn 100k $ now, this is crazy men !

[josgandosbro]

Bitcoin is the king of all coins. So not easy to replace the bitcoin. Bitcoin is any time to hit the price. Bitcoin is the future currency. So oil and god not reach the bitcoin price. It everyday price increasing.

[Bitcoinsummoner]

Governments all around the World Secretly start using together with banks the bitcoins.
Oil is done so They replace bitcoin instead of oil.

The btc volatility might go like daily 50k-100k price Changes.

Bitcoin will be instutionalized permanently.
The Global market prices Liqutation postion will be fluctuated by Bitcoin price.


I said this before but nobody didnt listen but now its here!!

I do not think that anything is replacing anything or will replace anything. For example: bitcoin is not replacing oil, gas, gold, fiat or any other thing. Bitcoin can be used as an alternative/another method, nothing else.

[AndySt]

I do not think that anything is replacing anything or will replace anything. For example: bitcoin is not replacing oil, gas, gold, fiat or any other thing. Bitcoin can be used as an alternative/another method, nothing else.

I agree that all such hypothetical reflections usually do not take into account the fact that, for example, gold and oil are goods that have a physical embodiment in reality and have a very real use other than as objects of speculation. Therefore, it is worth talking more about the emergence of another new asset for speculation in traditional markets, rather than about a replacement that will destroy all existing assets.

[wxxyrqa]

I do not think that anything is replacing anything or will replace anything. For example: bitcoin is not replacing oil, gas, gold, fiat or any other thing. Bitcoin can be used as an alternative/another method, nothing else.

I agree that all such hypothetical reflections usually do not take into account the fact that, for example, gold and oil are goods that have a physical embodiment in reality and have a very real use other than as objects of speculation. Therefore, it is worth talking more about the emergence of another new asset for speculation in traditional markets, rather than about a replacement that will destroy all existing assets.

Of course, I completely agree with your opinion that among the named assets, Bitcoin is a more speculative asset, but when comparing all such assets, their scarcity nature is considered most of all. At one time, even oil began to be called "black gold", although oil has a pronounced utilitarian use, and everything depends on how much oil is in demand in the industry. But with Bitcoin and gold, things are very different. In addition, today, many people consider Bitcoin a safer asset compared to other assets, and as an example, you can cite the whole of 2020, when the indices on the exchanges were falling and Bitcoin was rising. But this happens only for the time being, because when everything in the whole world begins to collapse, then everything in price falls.

[bryant.coleman]

Bitcoin may be able to overtake gold in the near future, in terms of acceptability and market cap. But I don't think that we can use the term "replace" here. And regarding oil, it is a matter of time before it is replaced with cleaner technology. One century of fossil fuel usage has destroyed the planet and within a few decades I believe oil/natural gas usage will be banned.

[geegaw]

Bitcoin may be able to overtake gold in the near future, in terms of acceptability and market cap. But I don't think that we can use the term "replace" here. And regarding oil, it is a matter of time before it is replaced with cleaner technology. One century of fossil fuel usage has destroyed the planet and within a few decades I believe oil/natural gas usage will be banned.

Speaking of raw materials like oil, I think banning it for decades, even the next century will still be difficult when the sources of clean fuels cannot be compared, we can also see cars that are powered by electricity and clean fuel, it cannot perform as fast as gasoline and diesel cars, and I haven't talked about cost yet, if I talk about it, oil still has too many advantages. Going back to bitcoin, its value started to collapse drastically, capitalization and liquidation happened very quickly, surpassing gold in value is only temporary, gold remains more stable with this era

[avarnet]

I don't agree if you say that because until now so many people know that bitcoin is an investment instrument. and different from Oil or Gold. maybe if we say it is related to Marketcap I agree because now the market capitalization of bitcoin has reached 1 Trillion and this is breaking new records besides the price that reached the ATH point. Gold and bitcoin are different concepts and they are irreplaceable

[Sithara007]

Speaking of raw materials like oil, I think banning it for decades, even the next century will still be difficult when the sources of clean fuels cannot be compared, we can also see cars that are powered by electricity and clean fuel, it cannot perform as fast as gasoline and diesel cars, and I haven't talked about cost yet, if I talk about it, oil still has too many advantages. Going back to bitcoin, its value started to collapse drastically, capitalization and liquidation happened very quickly, surpassing gold in value is only temporary, gold remains more stable with this era

I don't think that there will be a ban on gasoline any time soon. Electric vehicles remain extremely expensive compared to the diesel-driven ones, although their operating costs are low. Unless the EV manufacturers such as Tesla and Nissan find a way to make their vehicles more expensive, I don't expect the oil-driven vehicles to be replaced with electric vehicles in the next two or three decades. First of all, they need to find a better way to store electricity. The current bunch of batteries (Lithium-Nickel-Cobalt batteries of Tesla and Nickel-Manganese-Cobalt batteries of Nissan) are very inefficient and extremely unaffordable.

[Sebas.tian]

I disagree, bitcoin cannot be replace oil and gold. Oil and gold control by the government which the government can desire to increase the price of oil or not in the country while bitcoin is a decentralized currency, that is not control by the government.
Bitcoin will still stand as a decentralized currency because the founder of bitcoin which is Satoshi Nakamoto does not created bitcoin to replace oil and gold than to help the bitcoin users to be free from third party in the areas of transaction.
During the pandemic oil and gold price dump when bitcoin price was increasing, that make people to think BTC will be replace centralized currency.

[10_sjdovn_10]

Unlike bitcoin, we never know how much gold there is in the world,
gold is something tangible and is used for decorative purposes,

The question is whether after 21M bitcoin the bitcoin is compared as gold or not ?

[Arkann]

I believe that national currencies should also be added to this question, since Bitcoin has already begun to compete with oil, gold, as well as national currencies, namely, when the prices of these assets fell sharply during the economic crisis, many investors made a choice in favor of bitcoin. It is in this vein that a certain competition between these assets can be viewed.

[Bitcoinsummoner]

I believe that national currencies should also be added to this question, since Bitcoin has already begun to compete with oil, gold, as well as national currencies, namely, when the prices of these assets fell sharply during the economic crisis, many investors made a choice in favor of bitcoin. It is in this vein that a certain competition between these assets can be viewed.

There might have comparison/competition between oil/gold with bitcoin but they are separate thing and they will never replace one/another. They may go in  parallel with each other.

[Mulann2]

No, Bitcoin will not replace oil and gold, even though we know that gold is no more flexible than Bitcoin. Currently the existence of Bitcoin is very small when compared to some resource businesses in the world. We can't force the will we like to be able to rule the world easily, it takes a long process, maybe even requires evolution first in Bitcoin to be able to completely replace oil and gold.

The scale of gold and oil production currently leaves Bitcoin because these natural resources are better known for a long time and ordinary people understand more about the resources that are mined by digging the ground. In addition, real results and also a large turnover have made big companies compete to get more natural resources with increasingly complex equipment.


https://medium.com/currency-waves/bitcoins-energy-consumption-7c14f53dd059

The electricity used by bitcoin miners is only 0.1% when compared to the electricity used by some natural resource miners.

I totally agree with you. I really don't think some people get it, just because we all like Bitcoin and we all are looking for financial freedom don't mean some Hundreds of years well established resources have to die off just to make a point. I don't understand why people will be saying Bitcion will replace Banks, Money Gold and the likes, these are resources that have actual human use, we are not going to mint bitcoin as a replacement for our gold rings, earrings and the likes or generate the power for your homes or fuel for everything that uses fuel. This shouldn't be about replacement but coexistence.

[nicecrypto]

No, Bitcoin will not replace oil and gold, even though we know that gold is no more flexible than Bitcoin. Currently the existence of Bitcoin is very small when compared to some resource businesses in the world. We can't force the will we like to be able to rule the world easily, it takes a long process, maybe even requires evolution first in Bitcoin to be able to completely replace oil and gold.

The scale of gold and oil production currently leaves Bitcoin because these natural resources are better known for a long time and ordinary people understand more about the resources that are mined by digging the ground. In addition, real results and also a large turnover have made big companies compete to get more natural resources with increasingly complex equipment.


https://medium.com/currency-waves/bitcoins-energy-consumption-7c14f53dd059

The electricity used by bitcoin miners is only 0.1% when compared to the electricity used by some natural resource miners.

I totally agree with you. I really don't think some people get it, just because we all like Bitcoin and we all are looking for financial freedom don't mean some Hundreds of years well established resources have to die off just to make a point. I don't understand why people will be saying Bitcion will replace Banks, Money Gold and the likes, these are resources that have actual human use, we are not going to mint bitcoin as a replacement for our gold rings, earrings and the likes or generate the power for your homes or fuel for everything that uses fuel. This shouldn't be about replacement but coexistence.

You cant blame some humans  I believe it is the Cryptocurrency or should I say BITCOIN enthusiasm in them that makes them see Bitcoin as some thing that should or can replace things that they don't even have any form of correlation in real terms with. How would you be thinking Bitcoin would replace Oil and Gold? or may be the poster was trying to relate in terms of Money (Market Capitalization) if not, I don't see the argument here because these are different entities with different functions. 

[Sithara007]

I totally agree with you. I really don't think some people get it, just because we all like Bitcoin and we all are looking for financial freedom don't mean some Hundreds of years well established resources have to die off just to make a point. I don't understand why people will be saying Bitcion will replace Banks, Money Gold and the likes, these are resources that have actual human use, we are not going to mint bitcoin as a replacement for our gold rings, earrings and the likes or generate the power for your homes or fuel for everything that uses fuel. This shouldn't be about replacement but coexistence.

Satoshi wanted to provide an alternative to ordinary people, who were being exploited by the banking sector. I don't think that he ever wanted a complete eradication of the mainstream economy. It is laughable to say that Bitcoin will replace oil and gold. You can say that electricity can replace oil, but how Bitcoin is going to replace it? And gold is being used as a store of value for many thousands of years. Even if Bitcoin becomes hugely successful, why the gold owners should dump their assets? 

[ivankoh]

Governments all around the World Secretly start using together with banks the bitcoins.
Oil is done so They replace bitcoin instead of oil.

The btc volatility might go like daily 50k-100k price Changes.

Bitcoin will be instutionalized permanently.
The Global market prices Liqutation postion will be fluctuated by Bitcoin price.


I said this before but nobody didnt listen but now its here!!

Hummmm. Really?? It is difficult to compare bitcoin with oil and gold because the supply of oil and gold has not yet had a specific verified limit.  Bitcoin has a limited supply in circulation.  bitcoin becomes and looks like another entity that is known as digital gold.  It is highly likely that bitcoin could become a new role.  It will not replace gold or oil but a new ecosystem in which it will have a value called digital gold.  Symbolizes independence and highest value.

[Negotiation]

Bitcoin may become eligible for support around the world but bitcoin will not replace oil and gold by introducing bitcoin the government will be able to make a profit and grow the oil and gold sector. Bitcoin is not compared to any other sector bitcoin is a digital currency and its value changes with bitcoin the use of bitcoin will continue to grow and can help improve the country.

[Mauser]

Bitcoin may become eligible for support around the world but bitcoin will not replace oil and gold by introducing bitcoin the government will be able to make a profit and grow the oil and gold sector. Bitcoin is not compared to any other sector bitcoin is a digital currency and its value changes with bitcoin the use of bitcoin will continue to grow and can help improve the country.

I agree that for governments and institutions Gold might be more important than bitcoins. But for the ordinary investors gold is not so attractive anymore. Personally I haven't bought commodities anymore in the last 5 years. It is just much more attractive to go into cryptos than buying commodities.